September 16, 2019 — CDK Global’s 15-year run as being the exclusive vendor for General Motors’ dealership websites came to an official end last week as the automaker announced an additional three providers to its website program. The move likely will reshape the dealership website landscape over the next couple of years. The new vendors…
July 31, 2019 — Thoma Bravo emerged yesterday as the winning bidder for J.D. Power and Associates. It is the private equity firm’s second automotive-data play since late April when it acquired Autodata Solutions from KKR. Bravo also owns Trader Corp., the leading automotive retail digital company in Canada (it acquired the Montreal-based digital marketing…
July 25, 2019 — Public dealer stocks have jumped an average of more than $5 over the last two days fueled by stronger-than-expected second-quarter earnings from AutoNation and Lithia Motors. The run began with AutoNation’s second-quarter earnings release on Tuesday in which it reported a record $1.12 earnings-per-share exceeding analysts expectations. The nation’s largest dealer…
July 23, 2019 — Late yesterday afternoon, AutoNation announced long-time CFO and vice president Cheryl Miller as its new CEO and president. She’s replacing Carl Liebert. On the surface, the change was a shock. Liebert had only assumed the top job at the nation’s top-selling dealer group in March after a months-long search that reportedly…
July 17, 2019 — New York-based private equity firm CIP Capital is continuing the roll-up strategy it started in 2016 when it acquired four marketing firms — OneCommand, Peak Performance, TimeHighway and DPS (Dealer Product Services) — combining them into a new entity called Affinitiv. CIP Capital is acquiring Clearwater, FL-based AutoLoop and will merge… Continue Reading
July 16, 2019 — Late last week, CDK Global and Cox Automotive and its subsidiaries informed the federal court in Illinois they have settled their lawsuits resulting from a long-standing dispute over access to data and how that data is used. The settlement does not impact other parties involved in the multi-district litigation (MDL) that… Continue Reading
June 3, 2019 — After three and half years at the helm of TrueCar, Chip Perry is stepping down as CEO and president, the company announced today. TrueCar has not named a replacement for Perry, who will continue to consult with the company. Perry, one of the pioneers in the automotive Internet space, founded AutoTrader… Continue Reading
May 6, 2019 — Following a three and a half-year stint with Raycom Media, PureCars has been sold to private equity firm Diversis Capital and Stage 1 Ventures, its original investor. Raycom Media acquired the automotive marketing technology firm in October 2015 for more than $125 million. But as part of its January sale to… Continue Reading
May 3, 2019 — British dealer group Pendragon PLC (LON: PDG) announced yesterday it is selling two California Jaguar Land Rover dealerships as part of its plan to exit the U.S. market. Pendragon is selling its Jaguar Land Rover dealership in Newport Beach to U.S. Auto Trust for $40.3 million (£31 million). U.S. Auto Trust… Continue Reading
May 1, 2019 — Yesterday’s announcement that PE firm Thoma Bravo is acquiring Autodata Solutions from Internet Brands could be Act Two in what may be an ambitious play in automotive. The pending transaction also portends an M&A market that is heating up after a slow first quarter that saw only 11 deals completed, down…